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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,
2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from  to .
 Commission file number: 333-109950
 Wholesale Auto Receivables Corporation
Superior Wholesale Inventory Financing Trust XII
  38-3082709DELAWARE
    
    20-6596999(State or other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 c/o General Motors Acceptance Corporation
200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
 (313) 556-5000
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##### Table of Contents



INDEX
Table of Contents
 Part IItem 1.
    
    Business
    
    
    2Item 1A.
    
    Risk Factors
    
    
    2Item 1B.
    
    Unresolved Staff
Comments
    
    
    2Item 2.
    
    Properties
    
    
    2Item 3.
    
    Legal Proceedings
    
    
    2Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    2Part IIItem 5.
    
    Market For Registrant's Common Equity and Related Stockholder Matters
    
    
    2Item 6.
    
    Selected Financial Data
    
    
    2Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    3Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    3Item 8.
    
    Financial Statements and Supplementary Data
    
    
    3Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    3Item 9A.
    
    Controls and Procedures
    
    
    3Item 9B.
    
    Other Information
    
    
    3Part IIIItem 10.
    
    Directors and Executive Officers of the Registrant
    
    
    4Item 11.
    
    Executive Compensation
    
    
    4Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management
    
    
    4Item 13.
    
    Certain Relationships and Related Transactions
    
    
    4Item 14.
    
    Principal Accountant Fees and Services
    
    
    4Part IVItem 15.
    
    Exhibits, Financial Statement Schedules
    
    
    4Signature
    
    
    
    
    5Certification of Executive Officer Pursuant to Rule 13a-14/15d-14Aggregate Annual Servicing Report For Superior Wholesale Inventory Financing Trust XIISuperior Wholesale Inventory Financing Trust XII Annual Statement as to ComplianceReport of Independent Registered Public Accounting Firm dated March 13, 2006
 1




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##### Table of Contents



Part I
 
 Item 1. Business
  
 Item 1A.
Risk Factors
  Item 1B.
Unresolved Staff Comments
  Item 2. Properties
  
 Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Part II
 
 Item 5. Market For Registrants Common Equity and Related Stockholder Matters
  Class A Term Notes, Series 2005-A
    
    
    21Class A Term Notes, Series 2005-B
    
    
    4Class B Term Notes, Series 2005-A
    
    
    6Class C Term Notes, Series 2005-A
    
    
    10Class D Term Notes, Series 2005-A
    
    
    1Revolving Note, Series 2005-RN1
    
    
    1Certificates, Class 2005-A
    
    
    1
  
 Item 6. Selected Financial Data
  2




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
  InitialWholesaleDate of Trust
    
    FinanceSale and Servicing
    
    Sale
    
    Asset-Backed
    
    Asset-BackedTrust
    

Agreement
    

Amount
    

Notes
    

Certificates(millions)
    
    (millions)
    
    (millions)Superior
Wholesale
Inventory
    
    June 23, 2005
    
    $
    2,883
    
    
    Class A TermNotes 2005-A
    
    $
    1,250
    
    
    2005-A $149(PrivatePlacement)Financing
    
    
    
    
    
    
    
    Class B Term
    
    $
    128Trust XII
    
    
    
    
    
    
    
    Notes 2005-AClass C Term
    
    $
    53Notes 2005-AClass D Term
    
    $
    53Notes 2005-A(Private Placement)Revolving
    
    $
    1,250Note 2005-RN1(Private Placement)December 7, 2005
    
    $
    500
    
    
    Class A Term
    
    $
    500Notes 2005-B
  
 Item 7a. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
  
 Item 9B. Other Information
  3




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Part III
 
 Item 10. Directors and Executive Officers of the Registrant
  
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management
  
 Item 13. Certain Relationships and Related Transactions
  
 Item 14. Principal Accountant Fees and Services
  
 Part IV
 
 Item 15. Exhibits, Financial Statement Schedules
  (1)
    
    Financial Statements  Not Applicable(2)
    
    Financial Statement Schedules  Not Applicable(3)
    
    Exhibits
 
    
    Annual Statement to Noteholders and Certificateholders stating aggregate totals
of information in distribution reports.
    
    Officers Certificate of Compliance pursuant to Section 4.1 of the Trust Sale and Servicing Agreement.
    
    Copy of Report of Independent Registered Public Accounting Firm dated March 13, 2006
 
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Signature
  Superior Wholesale Inventory Financing Trust XII by: General Motors Acceptance Corporation
(Administrator, not in its individual capacity but
solely as Administrator on behalf of the Trust) /s/ Jerome B. Van Orman, Jr.Jerome B. Van Orman, Jr.Group Vice President and ChiefFinancial
Officer, GMAC North American Operations March 31, 2006
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##### Table of Contents



Index of Exhibits
 Exhibit
    
    Description
    
    Method of Filing31
    
    Certification of Executive Officer pursuant to Rule 13a-14/15d-14
    
    Filed herewith.99.1
    
    Aggregate Annual Servicing Report for Superior Wholesale Inventory Financing Trust XII
    
    Filed herewith.99.2
    
    Superior Wholesale Inventory Financing Trust XII Annual Statement as to compliance
    
    Filed herewith.99.3
    
    Report of Independent Registered Public Accounting Firm dated March 13, 2006
    
    Filed herewith.
 6